What assets can I keep?

Each province or territory has legislation that outlines assets that are exempt from seizure.

  • In BC, the exemptions are set out in the Court Order Enforcement Act.  You are allowed to keep the following assets:
  • Household goods and furnishings up to $4,000
  • Tools of the trade up to $10,000
  • Equity in a motor vehicle up to $5,000 if there is no family maintenance debt
  • Equity in a motor vehicle up to $2,000 if there is a family maintenance debt
  • Equity in a home up to $12,000 in the Metro Vancouver Regional District and CRD $9,000 outside these areas
  • Certain insurance investments, where designated beneficiary is spouse, child, grandchild, or parent of the person whose life is insured, and,
  • RRSPs, except for contributions made in the previous twelve months.

In the Yukon Territory, exemptions are governed under the Exemptions Act.

  • Unencumbered household goods household furniture, utensils and equipment that are contained in and form part of the debtor’s permanent home;
  • Tools of the trade to a maximum value of $600;
  • Food, fuel and other necessaries of life required by the debtor and the family of the debtor for the next 12 months;
  • House and buildings occupied by the debtor and the lot on which they are situated to a maximum value of $3,000.00;
  • All necessary clothing and all required medical aids (of a debtor or a dependent);
  • Certain insurance investments, where designated beneficiary is spouse, child, grandchild, or parent of the person whose life is insured, and,
  • RRSPs, except for contributions made in the previous twelve months.

A list of the items you can keep can be found by clicking on the link below.

Property Exempt from Seizure – BC
Property Exempt from Seizure – Yukon Territory